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Sydney and Melbourne are expecting their busiest auction weeks in over a month as national auction activity jumps 4.5 per cent.
According to CoreLogic, 1,817 homes are expected to go under the hammer nationwide in the week ending 7 May 2023, led by the 753 set to go under the hammer in the Victorian capital.
Last week, Melbourne reported a final clearance rate of 71.8 per cent from 737 auctions, its highest result since the week ending 20 February 2022, with the Mornington Peninsula, where 81 per cent of the 21 auctions returned a successful result, being the city’s best-performing sub-region. Conversely, the city’s north west, which recorded a final clearance rate of 65.2 per cent from 69 auctions, was its poorest-performing sub-region.
In Sydney, a 20.5 per cent activity increase should see the harbour city host 687 auctions this coming week. Last week, the NSW capital registered a final clearance rate of 68 per cent from 570 auctions, while the city’s withdrawal rate dropped to 13.9 per cent.
Ryde was the city’s strongest-performing sub-region after 77.1 per cent of its 35 auctions returned a positive result. On the flip side, the Central Coast, which reported a final clearance rate of 11.1 per cent from 18 auctions, was Sydney’s worst-performing sub-region.
Across the smaller capital cities, 136 homes are scheduled to go under the hammer in Brisbane, down 33 per cent on the previous week. In Adelaide, 131 homes are set for auction this week, while just under 100 (97) are expected in the national capital, Canberra.
In Perth, 11 homes are scheduled for auction this week, while two homes are currently scheduled to go under the hammer in Tasmania.
Despite activity typically cooling throughout winter, CoreLogic reports the coming weeks will be a good measure of whether the RBA’s decision to hike the cash rate again in May will dissuade potential vendors from selling or whether the current value upswing will inspire higher than average auction activity throughout the quieter winter months.
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